Category Business News

• goldcoastnewsline@gmail.com
• April 25, 2024
• 0 Comments
• 2 minutes Read

Newmont pays GHC1.295billion in taxes to govt for first quarter

Newmont’s Business Unit in Africa says its operations at Ahafo South and Akyem mines paid a total of GH₵1.295 billion in taxes, royalties, levies and carried interest to the Ghanaian government in the first quarter of 2024.

The payment was made through the Ghana Revenue Authority (GRA), Forestry Commission and the Ministry of Finance.

This comes on the back of the recent publication of its 2023 full-year fiscal payment which announced that its operations in Ghana paid GHC3.965 billion, representing a 43.6% increase in fiscal payments over the same period in 2022.

A statement from Newmont outlined a breakdown of the payments made, saying “for the first quarter of 2024, Newmont’s Ahafo South operation contributed GHC1.105 billion while its Akyem operation contributed GHC190 million.”

“From January to March 2024, the breakdown shows that Newmont paid a total of GHC672 million as Corporate Tax; GHC291 million as Mineral Royalties; GHC99 million as Pay-As-You-Earn; GHC97 million as Withholding Tax; GHC122 million as Carried Interest; and GHC14 million as Forestry Levy,” it explained.

Portions of the statement further indicated that in Ghana, the company is advancing its Ahafo North project, which includes four open pit mines and a standalone mill located approximately 30 kilometres (km) from our Ahafo South operation.

The project, according to the statement, is expected to add approximately 300,000 ounces per year to its production in Ghana.

The statement also included the impact of its presence in Ghana, disclosing that “with a direct employees and contractor workforce of over 9,000 in Ghana, Newmont continues to deliver on its objectives safely, creating long-term value for its stakeholders, host communities and the local economy.”

The company also has well-resourced development foundations at both operational sites leading social development in the host communities.

Newmont remains the world’s leading gold company and a producer of copper, silver, zinc and lead.

The company’s world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices.

• goldcoastnewsline@gmail.com
• April 25, 2024
• 0 Comments
• 2 minutes Read

$20m for Kpong irrigation scheme expansion

Minister of Food and Agriculture, Bryan Acheampong, has announced the approval of $20 million to expand the left bank of the Kpong Irrigation Scheme, which will be implemented by the Food Systems Resilience Programme (FSRP).

This comes after the government earlier pumped $20 million, which was under the Ghana Commercial Agriculture Project (GCAP) in 2011, to commence the Kpong Irrigation project which farmers in the Asutuare enclave, including Golden Exotic Company Limited,  benefit from.

The rehabilitation of the irrigation scheme is expected to further improve the water situation and help farmers in the enclave improve their yields.

“The people of this community must know that the government has pumped $20 million into the irrigation scheme around this area, and I have also approved another $20 million to expand the left bank of the irrigation scheme in this area, which is going to be implemented by the Food Systems Resilience Programme, and that will amount to $40 million in this area alone,” he said.

Dr. Bryan Acheampong announced the approval yesterday during a speech at a grand durbar to commemorate the 20th anniversary celebrations of Golden Exotic Company Limited, Ghana’s largest banana exporter, at Kasunya in Asutuare.

The Managing Director of Golden Exotic Company Limited, Benedict Rich, in an interview with Citi News intimated that the company had leveraged on drone technology to improve productivity.

“Drone technology has really advanced in the last few years and we have been trying it and a lot of the work that can be done by hand has now been done by aeroplanes and drones are just a gamechanger and we use them to apply fertilizer and use them to count the bananas and use them to monitor diseases,” he explained.

Source: GNA

• goldcoastnewsline@gmail.com
• April 24, 2024
• 0 Comments
• 2 minutes Read

Kumasi International Airport project completed

Contractors working on the Kumasi International Airport on Tuesday handed over the project to the Ghana Airport Company Limited (GACL) through the Ministry of Transport.

This was during the inspection and testing of the terminal facilities by officials from the Ministry of Transport and the GACL, led by Mr Kwaku Ofori Asiamah. The visit was to test and assess whether the facilities conform to international standards.

Mr Asiamah, who was impressed with the work done by the contractors so far, expressed optimism that the airfields would also be completed within the shortest possible time by the contractor.

He said it was very necessary to get clear evidence on the functionality of the facility to enable them to synchronize them together for operations.

He explained that GACL was going to intensify its maintenance culture to ensure durability since most facilities in the country faced maintenance deficits.

The Minister was hopeful that the facility would be commissioned before the end of May 2024.

Mrs Yvonne Nana Afriyie Opare, Managing Director of GACL, lauded the quality of work done after testing and prayed that God continued to guide the sustainability of the facility.

With the completion of the facility, she noted, about 800,000 passengers could patronize it within a year since the majority of travelers come from the Ashanti and the northern parts of the country.

She also thanked the Asantehene, Otumfuo Osei Tutu II, for giving them the site for operations.

Nana Ametepe, the Resident engineer/consultant for GACL took the team to various operational departments of the facility such as the information desk, profiling box, VVIP lounge, wrapping area, luggage scanning rooms, and others.

In June 2018, President Akufo-Addo cut the sod for the commencement of work on Phase Two of the Kumasi Airport Project.

The scope of work included the extension of existing runway pavement from 1,981 metres to 2,320 meters, the construction of a new taxi link, and apron, two new apron parking stands, and aeronautical ground lighting systems.

Source: GNA

• Christian
• April 21, 2024
• 0 Comments
• 4 minutes Read

Ghana hosts CIGCI Secretariat to boost cocoa sector growth initiative

President Nana Addo Dankwa Akufo-Addo has commissioned the Permanent Headquarters of the Cote d’Ivoire-Ghana Cocoa Initiative (CIGCI) Secretariat in Accra.

He noted that the establishment of the Secretariat is a major step to greater heights as envisaged by the strategic partnership agreement between Ghana and Côte d’Ivoire.

It is in this direction that the President called for stronger collaboration among African cocoa-producing countries to deal with emerging challenges posed by the recent increase in global cocoa prices.

“In light of recent regulations governing cocoa supply, especially to the European Union, collaborative efforts between Ghana and Cote d’Ivoire are essential to establish unified positions and safeguard the interests of our farmers,” he said.

“It is imperative for this collaboration to address proactively these challenges, reinforcing the need for cohesive action. We anticipate that this collective initiative will pioneer the way forward for the cocoa industry,” President Akufo-Addo added.

New dawn

Also, the President reaffirmed the commitment of the two countries to strengthening their cocoa cooperation.

He said the initiative was a testament to the enduring bond between Ghana and Cote d’Ivoire and the beginning of a new chapter in the history of the African cocoa industry.

“It is important for me to reiterate that Ghana is proud to host the headquarters of this initiative. Our commitment to collective action for the attainment of prosperity for all in Africa remains undiminished. We believe our development lies in our collective efforts towards industrialization and fair trade within and outside the continent of Africa,” he said.

“Our quest for agro-industrialization is repositioning the dynamics of the agricultural sector. The cocoa sector in Ghana, in particular, is witnessing the impact of these changes. Today’s launch is truly historic. This beautiful edifice does not only signify what regional unity and cooperation can achieve, but it also represents our shared aspiration for a prosperous cocoa economy, one that is modernised and industrialised in delivering wealth to the millions of hardworking cocoa farmers and producers in Ghana and Cote d’Ivoire,” President Akufo-Addo pointed out.

“This cooperation is the beginning of a new chapter in the history of the African cocoa industry. We have, through this cooperation, created the opportunity to revolutionarise the cocoa supply chain for the delivery of greater value to our economies,” he continued.

The President said that the need for agro-industrialisation was shifting the dynamics of the agricultural sector, and that “the cocoa sector in Ghana, in particular, was witnessing the impact of these changes.”

He said the volume and value of domestic processing had increased, with the overall installed processing capacity jumping to more than 50 percent of national output, and the total value of exported secondary goods now exceeding $800 million.

“We are on the trajectory of a modern, prosperous, and private sector-driven economy anchored on the vision of a Ghana beyond aid. This vision we hope to achieve through a digitalisation to drive efficiency, improve productivity, accelerate access to government services, and improve the ease of doing business,” he said.

Reaffirming goals

Taking his turn, the Executive Secretary of CIGCI, Alex Assanvo, said the initiative had helped to reaffirm the goal of placing the producer back at the heart of the cocoa value chain.

He said the attainment of the Living income differential had survived attacks and attempts to seek retribution, and the idea had now become an example for the whole world.

For the Minister of Food and Agriculture, Dr. Bryan Acheampong, the new office underscored the two countries shared objective of advancing cooperation for mutual benefit.

He said that CIGCI was now a well-recognised visible player in the cocoa sector, adding that “With acknowledged contributions on a range of topics, which include price traceability, regulations, and market outlook.”

Mr. Joseph Boahen Aidoo, Chief Executive of the Ghana Cocoa Board, disclosed that the secretariat building was donated by the Ghanaian government as part of its commitment to the initiative’s success.

By Izzy Stephens Asante

• Christian
• April 20, 2024
• 0 Comments
• 2 minutes Read

IMF board to approve US$360 million for Ghana

The IMF Mission Chief to Ghana, Stephane Roudet, has announced that the Executive Board of the International Monetary Fund (IMF) will convene to approve the third tranche of the US$3 billion contract for Ghana by the end of June 2024.

After receiving funding guarantee from holders of its Eurobonds, the country is seeking to sign a memorandum of understanding (MoU) with its official creditors in order to access the fund’s next round of financing support.

“We are hopeful, confident however you want to put it that this will happen in time for us to be able to have a board meeting and executive board meeting and complete the second review of the programme before the end of June,” Roudet gave the timeline during a media round table at the ongoing IMF/World Bank Spring Meetings in Washington DC, USA.

“But this is a tentative schedule that we have in mind and this is the timeline that we are working towards. The Fund is demanding an agreement between the official creditor committee and the Government of Ghana, subject to approval,” he said.

This comes just few days after the Finance Ministry said it had reached a provisional arrangement with bondholders prior to the memorandum of understanding (MoU), which is required to open the door to the subsequent tranche being signed.

Meanwhile, the IMF has reaffirmed its dedication to helping Ghana carry out its plan, which it hopes will put the country’s economy back on track.

“I should add here that the fact that they’ve not reached an agreement with its Eurobond holders will not prevent us from being able to provide more financing, although reaching that agreement is of course important. To be clear they have provided financing assurance, so we are not envisaging that to be an issue with our ability to conclude the next review and provide the disbursement,” Abebe Aamro Selassie, the Head of the Africa Department on the sidelines of the press conference.

Source: asaaseradio.com